Leaderboard

I miss the 30 years before this where the 1040 remained mostly the same. Hell, I used to know some line numbers by heart.

NAEA membership is expensive, but their education is less costly than NATP. Here is VA the local chapter of NAEA has had a few really good seminars for free. These appear to be live luncheon courses where those who attend have to pay (they get lunch included). They've opened these up to members to attend online at no cost. Makes it interesting for the speaker, who's juggling a live audience with an online one, but the ones I've experienced have been very informative and you can't beat the price.

Well, in the big picture, you are increasing your Social Security benefits by taking a reasonable salary. I've had people look at their Social Security earnings in the 50s or later and panic because they haven't had adequate Social Security earnings.

Excerpt from the TIGTA Report: "For its report, TIGTA analyzed all the S corporation returns received by the IRS between 2016 and 2018, looking for returns where the profits exceeded $100,000, there was a single shareholder, and no officer’s compensation was claimed. It found the IRS didn’t select 266,095 of such returns for a field examination. The analysis found that single-shareholder owners made profits of $108 billion and took $69 billion in the form of a distribution, without reporting they received officer’s compensation for which they would have needed to pay Social Security and Medicare taxes. TIGTA estimated 266,095 tax returns may not have reported nearly $25 billion in compensation, allowing business owners to avoid paying approximately $3.3 billion in FICA taxes." Well I guess Audit Roulette still works

I think most preparers are aware that for 2021, similar to 2020, that nonitemizers will be able to deduct $300 in cash contributions. In addition MFJ will be able to deduct $600 in 2021. However, I would suspect that most preparers like me were not aware that the deduction has been moved from above the line reducing AGI to below the line thus reducing Taxable Income but not reducing AGI. Who knew?

Hmm this has been our Mon, Tues , Wed this week!! Hoping Thursday goes better D

I'm a member. Price is good, research is also good (the one free question I really like - we get one doozy every year). Unlike many places, their CPE has an "Intermediate" level as well as basic and advanced. Those prices are also reasonable. Some years ago, I went to their summer conference in Philadelphia, and it was the best conference I'd ever gone to. There is also (I forget what they call it) a cut-rate price to include y our co-workers or assistant as a member. Certainly far more bang for your buck than NAEA. I am thinking very hard of NOT renewing that one this year; far more money and I stopped reading their magazine several years back. The freebie benefit of Verifyle is about 1/3 the cost of the NAEA membership, so it's cheaper to pay for that than to get it free.

Wow. And for how many years have we been hearing that IRS is looking for sole shareholders to take reasonable compensation, telling our clients that, and yet never seeing any evidence that they are auditing for that? I guess they weren't really - just trying to scare more honest/frightened people into paying up voluntarily while those willing to take their chances continued to get by.

Scam, the IRS would never contact a taxpayer that way.

Job Security. Thanks!!

I love their periodicals. Tax Pro Monthly covers recent events like tax law changes, court cases, etc. and picks some topic and shows how to do it, e.g., foreign earned income exclusion, forms and all. The quarterly journal is full of interesting and helpful articles. I find their education overpriced and many of the seminars were a bit too basic for me but probably just right for others depending on what types of return you do. I find membership well worth the price.

Not possible. Direct Deposit.

Our prayers are with you that you all come through Ida with no major problems!